>> ExxonMobil is feeling the heat from Wall Street. The stock has stumbled 9% year to date, at a time when it should be rising along with the recovery in the price for its main product, oil. Reuters Houston based energy correspondent Ernie Scheyder says, its problems range from production, to past deals that just aren't paying off.
>> Exxon's oil and natural gas production has dropped the past two years, even as spending has increased. For 2018, Exxon plans to spend even more, frustrating analysts on Wall Street. Exxon is falling behind peers Chevron and Royal Dutch Shell, causing some on Wall Street to question whether Chief Executive, Darren Woods, is doing enough to make Exxon perform better.
>> Woods is betting on finding big and inexpensive oil reserves, and relying on Exxon's strengths in the refining business to turn things around, but that requires something Exxon is running short on, time. And there's something else complicating Exxon's turnaround efforts.>> In many ways, Darren Woods' job is made that much more difficult because of his predecessor, Rex Tillerson, now the US Secretary of State.
Several decisions made by Tillerson as CEO of Exxon have come back to haunt the company, and Woods has had to effectively clean up Tillerson's mess. Tillerson's purchase of XTO Energy, one of the largest natural gas producers in the United States, has yet to fully pay off for the company.
Woods also, last month, exited several joint ventures in Russia with Rosneft, the state-owned oil producer. US sanctions have made it all but impossible for many US companies to operate in Russia.>> Woods has only been on the job for a year, but judging from the stock's decline, investors aren't giving him much time to clean up a long fix it list.